Standard & Poor's Underlying Rating

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Standard & Poor's Underlying Rating

The bond rating system used by Standard & Poor's to rate municipal bonds. It attaches a rating to municipalities' creditworthiness, regardless of the creditworthiness of any guarantor or insurer. S&P provides SPURs to municipalities that request them; it may also provide an amended statement of creditworthiness if a bond is insured. However, it is important to note that a SPUR only rates the underlying bond.
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